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After two earlier cuts, recent comments from policymakers have been leaning hawkish as inflation remains stuck above the Fed’s target, dampening hopes for more easing at the Federal Open Market Committee’s Dec. 9-10 meeting.

But New York Fed President John Williams surprised Wall Street on Friday when he said he sees “room for a further adjustment in the near term” to bring benchmark rates closer to neutral.

That boosted odds for rate cut next month above 70% from less than 40% the day before, while also sparking a broad stock market rally. But it also potentially sets up some tricky math on the 12-member FOMC.

In a note on Friday, economists at Capital Economics attempted to count votes. The four regional Fed bank presidents on the committee—Susan Collins, Austan Goolsbee, Alberto Musalem and Jeffrey Schmid—have sounded skeptical or “downright hostile” to the idea of a rate cut next month. Fed governors Michael Barr and Phillip Jefferson have also signaled caution.

On the dovish side, the three Trump-appointed Fed governors—Michelle Bowman, Stephen Miran and Christopher Waller—have been calling for rate cuts, and Williams sounded Friday like he could join them.

“That’s still only four ayes in favor of a cut and six nays against but, to the extent that Williams and Fed Chair Jerome Powell often hold the same view (and Governor Lisa Cook usually votes with Powell), we could have a six-six tie,” Capital Economics said.

“Then things would get really messy since it’s not clear that Powell has a casting vote, so the vote to change policy might simply fail to be carried.”

The Labor Department’s September jobs report released on Thursday after being delayed by the government shutdown is unlikely to tip the scales.

That’s because the mixed data showed payrolls grew by more than expected, but prior months were revised lower with August now showing a decline. The unemployment rate also ticked up to 4.4%, the highest since 2021, from 4.3%.

Separate data on weekly jobless claims still don’t indicate a spike in newly unemployed people, but the steady rise of continuing claims means jobs are difficult to find.

What if there’s a tie vote on the Fed?

There has never been a tie vote at the Fed, and the FOMC’s rules and procedures don’t discuss such a scenario.

Robert Eisenbeis, who previously served as director of research at the Atlanta Fed, told Fortune earlier this year that in the event of a tie vote, the federal funds rate would stay the same.

There is no override provision, meaning the chair doesn’t have the ability to force a different decision, he explained via email. It’s also not clear if policymakers would take another vote during that same meeting or wait until the next scheduled meeting to vote.

“There is no precedent here,” Eisenbeis said in August. “I would presume there would be the option for a revote, but if not, then no change in the funds rate. If there is no change in the rate, then the next meeting is where another review and vote would take place.”

While the Fed has never had to deal with a tie vote, it has come close a few times. According to a July note from Christopher Hodge, chief U.S. economist at Natixis CIB Americas, there have been three occasions when a decision on the FOMC passed by a one-vote majority, though the last time it occurred was in 1973.

Hodge, who previously served as principal economist at the New York Fed, previously told Fortune via email that the question of a tie hasn’t been covered in any official public documents explicitly.

Still, the chair has significant authority in guiding meetings and decisions, he said, noting that the FOMC is also a self-governing committee that has the ability to alter its rules.

“In the absence of an explicit tie-breaking rule, the chair is generally understood to have the ability to cast a deciding vote or guide the committee toward resolution, as is common in other deliberative bodies with a presiding officer,” Hodge explained in August. “This is not made explicit in any document I have seen and is more of a custom than a rule.”

If there’s a tie at the Fed, investors might look to the U.K. for guidance. The Bank of England had to navigate a historic deadlock this summer after four policymakers voted to keep rates steady, four voted to cut by a quarter point, and one voted to cut by a half point.

That prompted the bank’s Monetary Policy Committee to hold a decisive revote for the first time since it was created in 1997. The subsequent 5-4 decision lowered rates a quarter point to 4% from 4.25%.

Geriatric lung cancer care took center stage at the SIOG 2025 Roundtable Discussion “Perspectives on Complexities in Treatment Selection for Older Adults with Lung Cancer,” which brought together pulmonologists, oncologists, geriatricians, and supportive care specialists for a candid, case-based exploration of one of the most challenging areas in oncology. Chaired by Fabio Gomes (Manchester), the roundtable emphasized the nuanced decisions required when caring for older adults with lung cancer.

 

A Case-Based Roundtable on Geriatric Lung Cancer

The session revolved around a real clinical case of an older adult newly diagnosed with lung cancer. The case highlighted diagnostic uncertainty, comorbidity burden, functional limitations, and competing priorities that often shape treatment selection far beyond what guidelines alone reveal. Early symptoms, diagnostic findings, and initial management steps were presented to frame the discussion.

When Specialties See the Same Patient Differently

Under the moderation of Prof. Lore Decoster, panelists examined the case from pulmonology and geriatric oncology perspectives. The conversation showed how imaging choices, biopsy decisions, and risk stratification can diverge depending on the clinician’s specialty lens. It also illustrated how critical details — especially functional and psychosocial factors — may remain unspoken when geriatric insight is not part of multidisciplinary tumor board discussions.

Toxicity, Treatment Interruptions, and Lessons Learned

The patient’s treatment pathway served as a turning point. Systemic therapy had been initiated without a geriatric assessment, and the patient soon experienced significant toxicity that disrupted the plan. This opened a wider discussion on what might have been anticipated: frailty indicators, polypharmacy concerns, cognitive issues, or functional decline that routine oncology workups often miss. Panelists noted that many complications are predictable — and sometimes preventable — when geriatric principles guide decision-making.

Why Geriatric Assessment Changes the Trajectory

The session then focused on practical solutions. Siri Rostoft (Oslo) and Theodora Karnakis (São Paulo) outlined how geriatric assessment can be feasibly integrated into lung cancer care. Even brief screening tools help identify vulnerabilities that influence dosing decisions, treatment intensity, and supportive care needs. They emphasized that geriatric assessment is more than an “extra step” — it is a safety mechanism that leads to more individualized, realistic treatment plans.

Insights From Global Clinical Practice

Audience members from multiple regions shared reflections, describing cases where the absence of geriatric assessment led to overly aggressive therapy, avoidable toxicities, or missed opportunities for supportive care intervention. The discussion highlighted the shared global challenge of treating older adults with lung cancer who often present with overlapping medical, functional, and social issues.

Closing Message: Bridging the Gap in Lung Cancer Care

In his concluding remarks, Fabio Gomes returned to the central lesson of the roundtable: improving outcomes for older adults with lung cancer requires coordinated, multidisciplinary decision-making informed by geriatric principles. Diagnostics, treatment planning, and toxicity management must reflect the whole patient — not just the tumor. Integrating geriatric assessment, embedding structured pathways, and recognizing when a more measured approach may be safer are essential steps toward better care.

This roundtable made one thing clear: while complexity is unavoidable, thoughtful collaboration across disciplines can transform the treatment experience for older adults with lung cancer.

 

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SoundHound AI (SOUN) has seen its shares slip by about 37% over the past month, leaving investors re-evaluating its current valuation. The company’s annual revenue growth remains steady, even as the stock faces continued pressure.

See our latest analysis for SoundHound AI.

After a year marked by headline-grabbing rallies and a recent slide, SoundHound AI’s share price momentum is fading, with a 1-year total shareholder return of 36% but a 30-day share price return of -36.8%. The company’s story this year is one of strong long-term gains intersecting with short-term volatility as investors weigh its growth promise against shifting market sentiment.

If SoundHound AI’s shifting trajectory has you watching for the next big move, consider broadening your search with See the full list for free.

With the stock now sitting over 50% below analyst targets, the big question is whether investors are overlooking SoundHound AI’s potential, or if the market is already factoring in all the future growth ahead.

SoundHound AI’s narrative price target stands substantially above its latest closing price, setting the stage for a debate about robust growth, high expectations, and what it all means for the valuation.

The rapid consumer shift toward personalized, hands-free digital experiences is compelling enterprises to integrate advanced voice solutions as a differentiator. SoundHound’s unique Voice Commerce ecosystem, agentic AI platform, and multimodal capabilities offer significant upsell and renewal potential, translating to higher net retention and increased recurring revenue.

Read the complete narrative.

Want to learn what’s driving that hefty upside? Bold revenue leaps, a future profit margin leap, and an earnings valuation multiple that raises eyebrows are the secrets underpinning this ambitious price target. Dive in to uncover which projections truly power the current fair value estimate.

Result: Fair Value of $16.94 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, heavy ongoing losses and rising operating expenses could derail SoundHound AI’s profitability path if revenue growth slows or customer wins are not maintained.

Find out about the key risks to this SoundHound AI narrative.

Looking at SoundHound AI’s valuation using its price-to-sales ratio tells a different story. The company trades at 31.8 times sales, much higher than peers averaging 15.9 and the US Software industry at just 4.6. The market’s fair ratio for this metric is 9 times sales, suggesting investors are paying a steep premium for future growth. Does this premium mean big upside remains, or is there risk if growth slows?

See what the numbers say about this price — find out in our valuation breakdown.

If you have a different angle or want to dig into the numbers on your own terms, shaping your personal view is quick and simple. Do it your way.

A great starting point for your SoundHound AI research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

Stay ahead of the curve by actively seeking new opportunities and diversifying your strategy. Don’t let unique winners pass you by while you wait.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SOUN.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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VICI Properties (VICI) has recently caught the attention of investors following its latest performance numbers. The real estate investment trust posted annual revenue growth of 3% and net income growth of 5%. These trends invite a closer look at current valuation.

See our latest analysis for VICI Properties.

This year, shares of VICI Properties have gradually lost momentum, with the 1-year total shareholder return slipping to -5.53%. The short-term share price return sits just below flat, but over the past five years, investors still hold a substantial 45% gain. Recent weakness may reflect changing sentiment or sector pressure. However, the broader picture points to solid long-term value for those who have stayed the course.

If you’re looking for more investing ideas beyond real estate, now could be the perfect time to broaden your search and discover fast growing stocks with high insider ownership

With VICI now trading at a notable discount compared to analyst targets and a strong five-year return, the question remains: Is the current price a genuine buying opportunity, or has the market already priced in future growth?

At $28.82, VICI Properties trades meaningfully below its most widely followed fair value estimate, enticing investors with the potential for substantial upside if assumptions hold true.

Inflation-protected leases, disciplined funding, and strategic acquisitions position VICI for resilient earnings, dividend growth, and long-term asset value expansion. Structural shifts in consumer spending toward experiences such as travel, sports, group events, and entertainment are expanding opportunities in VICI’s experiential and non-gaming real estate segments, creating new revenue streams, lowering tenant concentration risk, and providing a long runway for top-line growth.

Read the complete narrative.

Want to know what bold projections are powering this potential 22% upside? The linchpin of this narrative is an impressive combination of future growth, margin profiles, and a profit multiple that could reset investor expectations. Uncover which key assumptions hold the secret to this valuation; only the full narrative reveals the complete story.

Result: Fair Value of $36.91 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, ongoing shifts toward online gaming and reliance on a handful of major tenants could challenge VICI’s future growth narrative if conditions change.

Find out about the key risks to this VICI Properties narrative.

If you have a different perspective or want to take a hands-on approach, you can quickly shape your own view in just a few minutes. Do it your way.

A great starting point for your VICI Properties research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Don’t let opportunities slip away. Smart investors are taking action now by expanding their search beyond the obvious. The next market winner could be just a click away on Simply Wall Street.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include VICI.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Steam Generation

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By Kristina Hooper

AI relies on rare-earth elements to grow its infrastructure – and the U.S. relies on AI to grow GDP

Capital spending on AI has been a key driver of U.S. stock market returns and continues to exceed expectations, comprising a large portion of S&P 500 SPX capital expenditures.

Jason Furman, a Harvard University economics professor, calculated that 92% of total U.S. GDP growth for the first half of 2025 could be attributed to AI spending. Without AI-related data-center construction, he reported, GDP growth would have been an anemic 0.1% on an annualized basis.

Given so much riding on the AI capex boom, it’s important to consider what could derail U.S. economic growth and the U.S. stock market

One major risk is access to rare earth elements. Limited rare-earth access could present the U.S. with challenges similar to what it faced in the 1970s from its dependence on oil.

Rare-earth elements are used extensively in artificial intelligence, including disk drives, cooling servers and especially semiconductor fabrication. Artificial intelligence has enormous computational and memory demands, which is why high-capacity, high-performance semiconductors are the linchpin of the AI build-out. Rare earths are also integral for national security – used in radar, lasers and satellite systems.

From the 1960s to the 1990s, the U.S. was the leader in rare-earth elements production. In 1995, two decisions were made that had far-ranging consequences, dramatically changing the trajectory of U.S. leadership in rare earth elements.

First, the U.S. approved China’s purchase of U.S. rare-earth magnet company Magnequench from General Motors, thereby acquiring a highly advanced technology that arguably would have taken many years to develop.

Second, China applied to join the World Trade Organization, ultimately enabling it to sell its rare-earth elements to a global market. China was able to sell at a lower cost than the U.S., contributing to the closure of the U.S. mining company that produced rare earth elements, MP Materials Corp. (MP), in 2002.

MP Materials was reopened for national defense use in 2017. U.S. production has since ramped up, with rare-earth production reaching 45,000 tons in 2024 – yet that’s still less than one-sixth of China’s production.

Yet the U.S. Department of Defense’s lofty goal of meeting defense-related demand for light- and heavy rare earths by 2027 may not be achieved, given America’s rare-earth mining and processing limitations. Even if it is, significant commercial demand, including the enormous AI build-out, will not be met.

China controls the supply

China controls around 70% of the world’s rare earth resource output and about 90% of the world’s rare earth processing capabilities. Access to rare-earth elements has been a key bargaining chip in U.S. trade negotiations with China.

As a result, the U.S. has been increasing efforts to diversify its rare-earths supply and gain reliable and adequate exposure to these elements through its allies. Australia and Canada, for instance, have significant rare-earth resources that can help support America’s rare-earth element needs.

New technologies may also lessen or eliminate the need for rare-earth elements in various uses and make rare-earth element recycling more efficient (currently, just 1% of rare-earth elements are recycled). In addition, U.S. government policies can discourage or at least disincentivize demand for rare earth element-intensive products such as electric vehicles, as the Trump administration has done by eliminating EV tax credits.

Rare earth element independence should be as high a priority for the U.S. as energy independence was 50 years ago. Until there’s a viable alternative to the China-dominated rare-earth supply chain, AI capital spending – and both the U.S. economy and stock market – are vulnerable. Accordingly, stock investors should pay attention to trade deals and policymakers’ comments, and consider supply-chain risks when evaluating AI-related investments.

Kristina Hooper is chief market strategist at Man Group, which manages alternative investments. The opinions expressed are her own.

More: Big Tech is spending on power for AI – whether Washington functions or not

Also read: AI has real problems. The smart money is investing in the companies solving them now.

-Kristina Hooper

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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Plenary Session “Geriatric oncology: from research to clinical practice” at SIOG 2025 showcased something very tangible: geriatric oncology is no longer a niche concept or a research slogan. Across the world, cancer centers are building structured models of care for older adults, adapting treatment decisions, and reshaping how multidisciplinary teams work.

Chaired by Lore Decoster (Brussels), Cindy Kenis (Leuven) and Hans Wildiers (Leuven), the session moved from individual institutional models to a global overview, with a clear theme: the evidence exists — now the challenge is scaling and embedding it in everyday oncology practice.

Setting the Stage: Research Only Matters if It Reaches the Clinic

Opening the session, Lore Decoster emphasized the core mission of geriatric oncology today: not only generating data, but making sure it changes how older adults with cancer are actually treated. Evidence on geriatric assessment, toxicity prediction, and patient-centered decision-making is strong; the bottleneck is implementation — workforce, pathways, culture, and funding.

The subsequent talks then demonstrated, in very practical terms, how different centers are trying to solve that problem.

Building a Geriatric Oncology Pathway at The Royal Marsden

From Toronto, Susie Monginot highlighted the 10-year journey of the Older Adults with Cancer Clinic at Princess Margaret Cancer Centre. Nearly half of new patients are 65+, many frail, driving the clinic’s expansion from a small 2015 pilot to four half-day clinics supported by geriatricians, fellows, social work, and dietetics.

The team delivers full Comprehensive Geriatric Assessments and actively implements recommendations — from medication adjustments to allied-health referrals. Despite challenges with space, funding, and wait times, the model shows clear demand and meaningful impact on treatment planning.

 

Embedding Patient Goals and Nurse Input into Tumor Boards

Hanneke van der Wal-Huisman (Groningen, Netherlands) described the Integrated Oncological Decision-Making model, created to bring patient goals and nurse insights directly into MDT discussions.
Her team found that functional status, psychosocial factors, and what truly matters to patients were often missing from decision-making, even though nurses knew this information well. In the new model, nurses conduct a structured assessment focused on goals, priorities, and daily functioning, and this input is formally included in the MDT.

The approach leads to more individualized care and stronger communication. Patients feel heard, and clinicians feel decisions better reflect the whole person. The team emphasized the importance of collaboration, leadership support, clear documentation, and a culture open to reflection and challenge.

A Continuum-of-Care Model in a Geriatric Hospital

From Chennai, Rejiv Rajendranath presented a very different, but equally comprehensive, model: a geriatric cancer care program embedded within a dedicated geriatric hospital.

This center combines acute geriatric beds, long-term and transitional care, home visits (over 330,000 home visits in three years), assisted living facilities, and community clinics. Cancer care for older adults is integrated into this ecosystem rather than carved out as a separate silo.

In a context where most older adults are self-paying and insurance coverage is limited after age 60–65, the model is built around continuity and proximity:

• geriatricians see almost every patient
• CGA and tools such as G8 and Indian-specific instruments are used selectively but systematically
• oncologists, geriatricians, palliative care, psycho-oncology, and rehab work as one team
• home care and assisted living reduce hospital stays, travel burden, and caregiver strain

Cultural factors, such as family-centered decision-making and reluctance to discuss prognosis directly with the patient, are addressed through multi-session counseling and gradual, sensitive communication. Treatment is often tailored through escalation/de-escalation decisions grounded in both biology and patient/family preferences.

The model is still evolving, but it illustrates how geriatric oncology principles can be adapted to middle-income settings, self-pay realities, and strong family involvement — without losing the core of individualized, goal-concordant care.

Building a Senior Adult Oncology Programme

Nicolò Matteo Luca Battisti presented the Senior Adult Oncology Programme at The Royal Marsden (UK), developed over four years in a hospital without geriatricians. With initial cancer-alliance funding, the team built a multidisciplinary service — nursing, rehab, pharmacy, dietetics, psychology, and admin support — and anchored it in a screening-based pathway using tools like the G8/SIOG 2 and structured goal-setting questions.

The programme was deliberately aligned with hospital priorities such as reducing unplanned admissions and improving efficiency, helping demonstrate its value and secure long-term institutional funding. It has since expanded across more disease sites.

Education is central, with international fellows rotating through the service, geriatric oncology concepts integrated into training, and a new research fellowship supporting ongoing development.

Scaling Through “Practical GA” and Smart Nudges

Ramy Sedhom (Philadelphia/Princeton) presented a highly implementation-focused approach: embedded “practical geriatric assessment” and multidisciplinary pathways designed to be scalable across a large system.

Recognizing that full CGA for every older patient is unrealistic, his team leveraged behavioral economics and EHR design:

• A concise geriatric assessment is built into Epic and automatically pushed to patients ≥70 as a pre-visit survey.
• Results appear in a structured flowsheet, making it easy for oncologists to see impairments at a glance.
• Pop-up prompts “nudge” clinicians toward appropriate referrals based on detected deficits (falls, nutrition, mood, social issues, etc.).

A geriatric nurse navigator and a weekly multidisciplinary conference (oncologists, APPs, psychosocial oncology, palliative care, navigation) ensure that high-risk cases are proactively addressed. Structured emails summarize recommendations and close the loop with treating teams.

In two years, over 200+ practical GAs have been completed, each generating multiple referrals on average. Most older adults had unrecognized functional or psychosocial vulnerabilities; most prioritized quality of life rather than pure survival. Early analyses suggest better end-of-life care and, for those under enhanced navigation, longer hospice stays and smoother transitions.

Global Models: Different Pathways, Same Principles

Finally, Colm Mac Eochagain (Dublin) presented a global overview of 38 geriatric oncology services worldwide, synthesizing their structures into broad model types:

• Consultative clinics (one-off GA and recommendations)
• Co-management models (shared responsibility across the cancer trajectory)
• Screen-and-refer models (systematic screening to triage who needs GA)
• Comprehensive units (fully integrated geriatric-oncology-supportive care continuum)
• emerging hybrid/digital models that use telehealth, patient portals, and regional networks

Despite local differences in staffing, funding, and health systems, some constants emerged: routine use of geriatric assessment (full or pragmatic), multidisciplinary decision-making, and at least some structured way to identify older adults at risk.

Take-Home Message from this session

The science of geriatric oncology is mature enough .The pressing task now is implementation — building models that fit local realities, securing funding, embedding assessment tools in workflows, and making sure that every older adult with cancer receives care that reflects both their biology and their goals.

 

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